We have talked enough of hotel marketing and revenue management. Most of hotelier’s thing that revenue can be generated only by applying perfect marketing strategy or by having a superb revenue management plan. But there are other areas of revenue generation in hotel business.
Asset management is one such area which has grabbed attention recently. It is noticed that many hotel management and investment companies have hired analysts with prior experience in hotel industry for asset management. These professionals are having marketing or PR experience.
The hotel management services put more emphasis on a strategic part of development. A new approach to using every asset to property in a useful manner requires a research and analysis to be done on a particular property. A much more pragmatic approach to hotel management strategies is adopted by big or small hotels.
The new projects are engaging hotel staff, so people who can look after more than one task at a time are preferred for manager level position.
For a progressive work environment and considering hotel staff as a big asset, the operating asset management team and ownership group must have following qualities.
There has been a survey recently which shows that number of people staying in luxury rooms has increased and at same time, number of luxury rooms has also increased. So, challenge before small groups remains on same hike. The old hotels have renovated their rooms to convert them to luxury suits. Owners are smartly managing their assets by implementing expert’s advice and by implementing new techniques, A high-quality product is only way to maintain high quality and timeline and that’s only wat to obtain high room rates.
Like other industries, no big involvement of unions are there but employees welfare has to be taken care by maintaining hourly wages, working conditions, and staffing benefits. This comes under asset management services. The hotel staff is biggest asset nowadays. A good management policy acts like a sugar-coated candy to influence staff but it can work in reverse order if not taken care well.
A trend in high class has been noticed that they like to have their additional space. Although, ratio of such visitors are not many yet they represent an upper segment. The hotels can develop more suites by merging two or three guestrooms and reconstructing this space as a large suite. The guests ready to avail such services also expect pristine services.
It is difficult to carry out day to day tasks in a hotel, it is important for hotel management services to ensure performance and profitability of asset. It is seen that employees have become more and more selective when it comes to providing required results especially. The management contracts prove to be a decision policy which is negotiated between management and employees. Definitely, if targets are met, both are at profitable side otherwise, both of them might lose. The loopholes and lack of terms and conditions always result in loss.
Hoteliers are always worrying about impact of online bookings and continuously and closely monitoring results on their hotel individually. To dilute impact, hoteliers share data among themselves to build a close network. The services like OTA have a greater influence on booking rates and also in ways, but a smart move can bring back your business. Each and every hotel must maintain their inventory and should be ready to provide last minute quick additions to bookings instead of giving direct rebate on online booking. We must engage customer for maximum time so that we can influence his choice. Like any market segment, managing online presence is essential for success. If hoteliers don’t actively manage this process and their inventory, another party will, often to towner’s detriment.
In a place like major cities or places like having a maximum number of hotels, it is must that you must keep discovering less costly but attractive destinations. The property value itself must speak of its worth. There are several methods to do this like gardening, an opening of cafe, a flower boutique or some attraction visible from outside. This will increase worth of property and you would likely attract visitors. This marketing by mouth which is on condition table and its effect remains for a long time.
Hotel asset management is equally an important task as providing or managing any other hotel service. This is one of ways to generate revenue and must not be ignored.
If you have still not paid any attention to asset management, then apply above-mentioned methods to manage your hotel in a better way. For more revenue generation methods and to know latest trends in hotel industry, go through other blogs on our website!