Constant questioning and challenging of hotel amenities, services, programs and management practices is critical to discover new ways of elevating the guest experience. Asset managers should encourage management to take risks to innovate.
Data compilation is a key component to any hotel’s success, but management must intelligently evaluate the efficacy of the data and apply it to ongoing decision making in order to be successful in today’s technology-driven management world.
Extended-stay hotels began evolving in the 1970s to serve business travelers, vacationers and families seeking a home-like atmosphere. They differ from traditional hotels in terms of room types, amenities and particularly, pricing.
To add value, asset managers must provide asset oversight that translates into quantifiable value to a hotel owner. This article presents three basic steps that asset managers should follow in order to provide effective asset management.
Lenders who originated loans in 2006 and 2007 in the peak of the economic cycle should now be closely monitoring the performance of these loans to develop strategies to mitigate risk and exposure as economic conditions are now vastly different.