A Harsh Reality

A Harsh Reality

The tragedies of multiple natural disasters over the past several weeks have been well documented.  The impact of hurricanes in Texas, the Caribbean, and Florida as well as historical wildfires in California is still being assessed, but certainly more than enough is known to understand that we are witnessing a previously uncharted period in our history.  Countless lives have been impacted, as well as countless businesses and the communities that they serve. 

Ownership and Asset Management; How To Get The Most From The Relationship

Ownership and Asset Management; How To Get The Most From The Relationship

The relationship that exists between ownership and asset management can vary widely from one property to the next and from one business approach to the next.  Some owners are extremely hands-on in the operation of their properties, some are not.  Some asset managers are focused on particular components of a property’s operation, some are not.  Each of these variables plays an important role in maximizing the benefit to all concerned.  Ultimately, Ownership and Asset Management must take the time to understand one another as well as possible, in order to achieve the best possible results for everyone. 

Strategy is Everyone's Responsibility

Strategy is Everyone's Responsibility

In the hospitality business, it is important for us to be strategic.  We speak frequently about strategy; strategic planning, strategic thinking, strategic pricing, strategic selling; the list goes on and on.  It is crucial, however, that we all truly understand what it means to be strategic. Being strategic, by its very nature requires looking forward to make behavioral decisions based on that forward look.  Reacting, on the other hand, is really just the opposite.  So, if we are all so aware of the need to be strategic, why do we spend so much time reacting to what is happening around us? 

What Do Your Hotels Stand For?

What Do Your Hotels Stand For?

Whether just stopping in, grabbing a coffee, or attending a meeting or a social event, people tend to gravitate to hospitality businesses, if nothing but to satisfy their sense of ‘curiosity.’  The challenge, and the opportunity, for those of us in the business is how to communicate the purpose of our businesses to these various customers and passers-by.  What is it that makes our hotels or restaurants more than just purveyors of good & services, but rather important and contributing members of our community? 

Manage Your Manager

Manage Your Manager

As the hospitality industry continues its march down the road of “ultra-competitiveness,” it can become increasingly difficult for the customer to differentiate between brands, between management philosophies, and between that which is hospitality and that which is commodity.  While this may seem daunting, there is good news; the ability to separate ourselves from our competition in terms of strategy and management philosophy is completely within our control.

Taking on The OTA’s: How Do We Define Victory?

Taking on The OTA’s: How Do We Define Victory?

Hyatt has gone out to the owners of its hotels and let them know that it plans to launch “’an aggressive sales & marketing plan’ to drive more direct bookings...”.  As so many are now doing, Hyatt is looking to reduce its dependence on the OTA’s and their associated cost model by pushing more customers to book direct.  What’s wrong with this picture?  The painting of the OTA’s as an ‘adversary’ is not only unwise, it is actually also unfair. 

Transactions Vs. Experiences; What Does Your Property Offer?

Transactions Vs. Experiences; What Does Your Property Offer?

With the never-ending parade of brands, sub-brands, soft brands, and more that enter our competitive marketplaces on an almost daily basis, it can be challenging to maintain focus on the day-to-day operation of our properties.  As competition continues to grow, both in properties and in brands, it can become increasingly difficult for us to focus on those things which truly separate our properties from those of our competitors.  While those things that we have done historically in order to effectively compete still hold true, we must also come to grips with the fact that we must learn to compete differently.  No matter who you listen to or who you read, the data is everywhere: today’s guest wants more of an experience than a transaction.  How are you addressing this in your properties?