Mostafa Sayyadi

This article points out the vital importance of hotel leadership in effectively aggregating human capital into social capital to achieve higher degrees of competitiveness. This article draws upon the role of hotel executives as social architects that provide elaborative insight for followers by illuminating how hotel executives can effectively build and spend social capital within hotels. This article suggests that it is critical that hotel executives understand that hotel leadership supports social capital to effectively implement knowledge management projects and therefore, remain competitive. Read on...

Marcela Trujillo

Increasing ADR, in conjunction with appropriate occupancy levels, is an ever-present goal. Not only does this increase RevPAR, but gaining more revenue through ADR provides assets with increased profitability. Consistent application of the following proven techniques leads to consistent rate dominance. In this article, co-authors Marcelo Trujillo and David Beaulieu rely on their experience of more than 35 combined years to thoroughly analyze and explain the pathway to sustainable ADR to maximize a hotel's success. Read on...

Bill Caswell

A recent Econsultancy survey querying companies on the most exciting opportunity for 2019 found that customer experience (CX) topped the list, edging out content marketing and mobile marketing. This CX trend has been accelerating over the last several years – especially in the hotel industry. As hotels pursued customer experience strategies, however, they often neglected to invest in their most important competitive advantage: the employees tasked with delivering the customer experience. In the hotel industry, you can't outcompete rivals on CX without an employee experience program that produces satisfied, well-trained employees. Read on...

Court Williams

The hospitality industry is enjoying a healthy period of innovation and growth, with many opportunities for differentiation among the various brands. Successfully "doing business differently" requires pioneering leadership, however, and it's not always easy to find CEOs with the right skills and attributes. With the changes brought about by technology, finding suitable business leaders for the future is paradoxically both easier and more challenging. Hotel company CEOs now need to have a completely different skill set than they did before. This article looks at six of the trends we're currently seeing in hospitality leadership and where hotel companies can source people with the leadership skills they need. Read on...

Library Archives

 
Paul van Meerendonk

By addressing channel performance-the concept of measuring key performance indicators across a complex, multi-channel booking landscape-hoteliers can optimize pricing and marketing across all channels, and boost revenue as a result. But for those new to the world of advanced revenue management practices and technology, how does one begin to map out a proactive and profitable distribution strategy? How you choose to distribute your offerings must be carefully and regularly assessed, with the goal of maximizing your profit potential always in mind. Evaluating channel acquisition costs, looking beyond online travel agencies (OTAs) for better revenue opportunities, and finding ways to drive more direct bookings are all good practices for monitoring and improving the health of your distribution strategy. Read on...

Jared Meyers

There is a new breed of traveler emerging, one that places importance on social responsibility, environmental responsibility and overall sustainable travel. This shift in the marketplace will undoubtedly encourage hospitality companies to analyze their current practices and see how they measure up. Legacy Vacation Resorts was seeking a way to do just that and subsequently became a Certified B Corporation. Now, leadership is hoping to use their conscious business model to inspire other companies in the industry and beyond to utilize their business as a force for good and focus on a triple bottom line of serving people, the planet and profit. Read on...

Gino Engels

Revenue managers face a daily melange of ingredients to analyze, digest and base decisions on. Advances in Big Data and tools to make sense of it are making life a little easier. But, amid this data-overload, losing sight of the bigger picture - exactly how these metrics are impacting on your bottom line - is an ever-present risk. In what will be a refresher course for some readers and a set of new ideas for others, we present our crucial data tips for profitable revenue management, from KPIs to supply and demand factors, and technology to better visualisation. Read on...

Zoe Connolly

Hiring isn't easy, but there are many ways in which hotel leaders and hiring managers exacerbate the issue. These can include asking the wrong people to be part of the interview process, or worse, asking a committee that's too large to come to a consensus. They can also be basic, like failing to elect the right point person for every candidate. Finding candidates is hard, and when a role has been open for too long, it's possible to let urgency become the chief decision maker. This article provides a balanced breakdown on who should be included in the interview process, and also looks at how to build an effective hiring committee. Read on...

Lawrence Adams

Traditional goals for business conferences include Education and Learning, Sales and Business Development, Networking; Team Building and Industry Innovation. But meeting planners have been focused on a new trend in recent years: Experience Creation. And in that endeavor we are seeing amazing new technology applied to creating unique and inspiring experiences for meeting goers. In this article we will explore some of the latest technological developments and methodologies, including Virtual Reality (VR), Augmented Reality (AR) and Holography, as they apply to the enhancement of all of the aforementioned meeting goals. Read on...

Rick Garlick

In today's political climate, taking strong stands can work for or against a business, just as it can for a Hollywood celebrity. While many consumers embrace brands that hold activist positions, there is an equal and opposite reaction for others. If you are a hotel brand, is corporate activism a good idea? This article will examine the arguments for and against it, including examples of hotel companies choosing to lead the charge – and four ways to consider taking action that could add value to your brand. Read on...

John Welty

Wildfires have wreaked havoc out West in recent years, threatening California's wine country and other northern towns, as well as Los Angeles and its suburbs. While ensuring personal safety is the first priority after wildfires, a subsequent step should include exploring what a homeowner or in this case, hotel owner, can do to best handle a future wildfire situation. In this article, we'll discuss how hotels impacted by wildfires can take steps to deter damage and get their businesses back up and running. This could include starting up air handling equipment or bringing systems back on-line, among other things. Read on...

Mostafa Sayyadi

Hotel executives need to at least take a look at models associated with knowledge management, which is directed at developing a better understanding of the concept of knowledge management within hotels. Knowledge management has to be measured in some way. Once knowledge is accumulated, the current processes may be supplemented or even substituted. The key point in the process perspective is the knowledge accumulation section coupled with knowledge integration and reconfiguration to ensure that the knowledge is actually helping the hotel grow both professionally for individuals and profitably for all stakeholders. This article raises a vital question as to how hotel executives can successfully evaluate the success of knowledge management in hotels. Read on...

Mark Heymann

Time was that knowing one's customer was as easy as standing in the lobby and interacting with guests as they came and went. "Welcome to the hotel." "Is there anything we can do to make your visit more enjoyable?" "How was your stay?" No more. In today's world, travelers are increasingly self-directing their contact with hotels, before, during and after their stay. So much of the traveler's journey is accomplished without any human interaction. So, how does one optimize the hotel operation from a guest services standpoint? By using the same thing that has created the distance – technology. Read on. Read on...

John Tess

Bill Kimpton formed Kimpton Hotels in the 1980s with the intent to create smaller guest-centric urban properties in older and historic buildings. Conceptually, the company took a three pronged approach with property development, hospitality management and on-property restaurant management. Over the next three decades, the brand expanded nationally and internationally while holding on to its roots. In 2015, IHG acquired the hotel and restaurant management operations, while the development arm became independent. The intent is that the strength of IHG would facilitate expansion of the Kimpton brand, while independence would foster greater returns for the property investors. Read on...

Mark Ricketts

Many factors go into selecting a new market for a hotel acquisition or ground up development. While development and transaction activity remains robust in the Top 25 markets in the United States, hotel entities are also vigorously exploring secondary and tertiary markets for acquisitions and new builds. Among the attractions are communities with strong employment prospects, a growing economy, outstanding quality of life, access to needed labor, and reasonable living and business costs. Existing and prospective demand drivers, site selection, brand distribution and organizational resources are also part of the decision equation, which will be considered in this article. Read on...

Gavin Davis

Understanding the macro-environment and being ahead of the curve (i.e. before the data provides hard evidence of such in hindsight) in such capacity provides owners and managers the ability to most timely make important decisions that impact profitability and asset valuation. Are you a hotel builder? We look at how purchasing lumber in the middle of an economic slowdown can be advantageous to the future success of your hotel development and investment. Buy Right, Build Right, Manage Right. Read on...

Katharine Le Quesne

Calling all hotels and concept innovators: I am waiting to be swept off my feet by a hotel. We consumers have moved on from seeking on products; and the current obsession with experiences is yesterday's news. But creating products that deliver unique personalised experiences that resonate with consumers is a tough gig and many hospitality companies are still trying to crack it. But we're getting there and the concept creation process is stepping up a gear, using a blend of tangible and intangible tools to create next-generation offerings. It's time we for a more nuanced way to underwrite these deals. Read on...

Felicia Hyde

From culinary to cultural to artistic activities, modern day travelers are in search of the "live-like-a-local" experience. Gone are the days where five-star accommodations and best-in-class-service are the must-haves; now, travelers are on the hunt for unique and personalized destinations and the opportunity for cultural immersion. Backed by research, consumers are relating positive travel experiences to destinations that promote self-discovery and activities that fuel the mind, body and soul. With these trends already shaking up multifamily communities nationwide, hoteliers should consider applying the following design strategies to turn their hotel properties into experience-driven destinations. Read on...

Kristi Dickinson

Asset managers have responsibility for both managing an investment and overseeing physical assets. Finding the highest and best use of a property is the essential role. In the guest service-based hospitality industry, these plans will rarely be achieved without first influencing the people who will execute them. "Soft skills" such as emotional intelligence and an ability to inspire are often under-valued in asset managers, but human connection and influence are vital to success. To be effective you must align the people with the vision through a strong culture. The great irony is that your most important asset, culture, is essentially invisible. Read on...

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Coming up in October 2019...

Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.