Hotel Asset Management will Continue to Evolve in 2017
In 2011 I wrote an article about the seismic shift in Hotel Asset Management. A change in focus from operations and cost control to a more strategic view, incorporating Revenue Management. Going through LinkedIn reviewing some of the key players in the field of asset management in the hospitality industry I could not help but notice that the shift of focus continues.
Many hotel management and investment companies have not only added analysts, with prior revenue management experience, to their ranks. Nowadays they also include marketing and PR specialists. Having done 8 openings with Xotels over the last year, we have also seen that these areas of expertise are considered crucial for the success of a new hotel concept.
Just as with the big chains, the General Manager is no longer the first to be recruited in the opening process of an independent hotel. The role is changing from an executive position into more an operational level management position. Taking into consideration that more and more areas are being outsourced, for instance Housekeeping and F&B, the requirements have clearly changed.
More emphasis is put on the strategic part of the development of the concept and opening of the hotel property. There is a big change in philosophy and entrepreneurial vision happening in the industry. No longer do companies depend on the all-encompassing knowledge of the general manager. Rather they are recruiting experts in each field, based on when this is required in the pre-opening timeline. A much more pragmatic approach to hotel management strategies.
At Xotels we provide revenue management consulting and outsourcing services. We find we are being more and more engaged in new hotel projects. Not only by individual investors, but also by institutional real estate investors and experienced hotel developers and operators. No longer are companies only looking to hire people, but rather are looking for the best in their field, internal or external.
Patrick Landman @ Xotels
P.S. 1: Original Article from 2011: Hotel Asset Management has Changed Forever
P.S. 2: Below 2 articles that will help you with planning the opening of your own hotel project:
- Pre-opening a Hotel – Part 1 https://www.xotels.com/en/marketing/hotel-pre-opening-mistakes-and-tips
- Pre-Opening a Hotel – Part 2 https://www.xotels.com/en/marketing/hotel-pre-opening-checklist