With the kids gone, it was time to follow the footsteps of many other boomers and downsize to a condominium. What started as a mere paint job, however, morphed into a $150-per-square-foot renovation of the entire apartment. What we ended up having on our hands was a genuine case of ‘scope creep’ – something not uncommon in any property refurbishment.
In an American Express survey commissioned last year, consumers illustrated their demand for more enriched lives and personal fulfilment through experience and learning. Over 72 per cent of respondents said they would rather spend money on experiences than things. Further, 88 per cent said travel is the number one dream on their life’s bucket list, ranking higher than family or wealth.
In the negotiation of management agreements, owners take comfort from the performance test that in the most optimistic light will allow the hotel owner to terminate a management company that does not meet the standards of the performance test. But let’s look more deeply into the proposition that the performance protects the owner from the under-achieving management company.
To maximise the revenue performance during a fair or high impact event might be easier said than done. Many rely on returning business to bring in a safe level of base occupancy to a slightly higher rate and surely their ADR and RevPAR will increase accordingly a couple of euro. But is that enough?
Over the past couple of years, the hospitality industry has developed a new trend – investments in travel startups. While at first it might have been surprising to see large hotel chains buy shares in companies that seemed to provide rivalry services, today hoteliers are lining up to find a good business opportunity and not only invest in it, but often to acquire it.
We read in the hotel press lately that a traveler's focus has shifted from the hotel product to the hotel experience. It can sometimes be difficult for hotels in certain locations to provide such experiential travel, but for resort hotels and island destinations it is now almost a basic requirement.
Culture is a complex and dynamic topic that can be difficult for today’s managers, or anyone, to deal with. But what do we mean by culture? There is a wide range of definitions, but it can be understood that culture governs our view in life.
Many start-ups have no budget to spare so they make the decision not to do any marketing at all, which is a huge mistake. Marketing is a necessity for the long-term financial success of a company, especially in a highly competitive market like the hospitality industry.
From California to the Caribbean the lure of the spa cannot be underestimated in generating media attention. With that comes. Both business and leisure travelers yearn for that massage when they arrive or during their course of their stay, and its in your best interest as a hotelier to curate your spa menu so it as compelling as possible.
In the rarefied world of uber-luxury resorts, $1,000+ nightly rates are de rigueur in season. The GM tends to be more symphony conductor than hotelier in the traditional sense, as every member of the resort’s team hones their performance daily, knowing all too well the importance of delivering consistent, quality service.