The RevPARs win. So here's my question:
Two hotel investors that I have talked to mentioned that their favorite metric to watch is Peak Season Future Bookings. No GMs selected this in the poll.
It could be that the investors were in East Coast properties that live and die by the their peak seasons...but that's true for a lot of the country.
🤔
A disconnect between the operators and the managers or just a coincidence?
#hotels#generalmanager#hotelinvestment
Partnerships: The Smart Start in Hotel Ownership
Evens Charles, founder and managing principal of Frontier Development & Hospitality Group, shares some wisdom on partnerships. His journey to success wasn't a solo flight but a collaborative ascent. He emphasizes the power of partnerships, especially for newcomers in the hotel industry. Evens strategically aligned with partners for his first few deals, using these collaborations as a launchpad to learn the intricacies of the hotel business.
Whether you're eyeing your first property or planning to expand your portfolio, remember: in real estate, teamwork doesn't just make the dream work - it builds empires. Watch the full panel at the link below.
https://lnkd.in/eaMrAeB5#HotelOwnership#RealEstatePartnerships#NABHOOD#HospitalityIndustry#CollaborationIsKey#CommercialRealEstate#NetworkingInRealEstate
We are strongly going into acquisition mode for limited service to full service franchised hotels.
What I'm seeing so far is interesting. I don't know if it is the owners or the brokers
1. 1st Hotel. This hotel is worth $8m so the broker is asking $8m. The franchise says full PIP is needed at around $2m. The owner won't back off of the price.
2. 2nd Hotel. This hotel is an older outside corridor hotel that makes decent $$. The area supports a 3.4x gross. This hotel, which is an economy brand is listed at 4.2x gross. Interesting.
What are the other buyers seeing?
#hotelowners#hospitality
Hey Connections!
let see hotel business strategy !?
A hotel business plan outlines the strategy for establishing and operating a profitable hospitality venture. It includes key elements such as the target market, location, property features, room offerings, and services. The plan details marketing strategies, financial projections, staffing needs, and operational procedures to ensure a high-quality guest experience. It also addresses competition, pricing models, and potential risks, aiming to provide a clear roadmap for long-term growth and sustainability in the hotel industry.
#snsinstitutions#snsdesignthinkers#designthinking
The Real Deal: Understanding Hotel Business Dynamics 📈
Diving into the hotel industry reveals intriguing insights, especially for those envisioning a glamorous venture. Here’s the real scoop from my experience in the field: owning a single hotel might not be the golden ticket to wealth many imagine.🤔💭
Here’s how the math works: If you own a building and expand to a chain, your real asset value shines when it’s time for an evaluation or an IPO. That's when the assets you own, rather than the day-to-day income, take center stage. On the flip side, if you’re subleasing and just managing operations, breaking even can feel like a win.📊
⏳What’s more, the hotel business is relentless – a 24/7 commitment where the margin for error is razor-thin. In hospitality, doing a million things right is just meeting expectations, barely noticed. But slip up once, and it feels like opening the doors to chaos.
So, for those dreaming of stepping into the hotel industry, remember: it’s not just about lavish lobbies and five-star reviews. It's a challenging arena, where assets and reputation weigh heavily, and every detail counts. Think twice, plan carefully, and respect the hustle behind those hotel doors. 🚪🛎️
#HotelBusiness#RealEstateInvestment#BusinessInsights
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https://lnkd.in/dh-TeQWC - New Take Charge Academy
"Since implementing Duetto, we’ve achieved several significant milestones, but one of the most notable has been the continuous improvement in our ADR."
We caught up with Roger Calafell Sendra, Director of Distribution and Corporate Revenue Management, MedPlaya Hotels - Hotel Pez Espada. He explains how the team have implemented our RMS to achieve a 15% increase in RevPAR and room revenue, and an 11% rise in room nights, over the space of a year. 🔥
Read the full case study: https://lnkd.in/dmMu7RxF#CustomerSuccess#RevenueOptimization#RevenueOptimizationSoftware
As a hotelier, understanding every aspect of your business is key to making informed decisions that boost your bottom line. One important metric to track: REVPAR!
REVPAR, short for Revenue per Available Room, is a performance metric used in the hospitality industry. It measures a hotel's average daily room revenue.
Discover everything you need to know about REVPAR and how it can elevate your hotel's performance in our latest blog post: https://bit.ly/3tMMnwd
Miami-Dade County has emerged as the top-performing hotel market in the U.S., according to recent CoStar data.
With an 88.2 percent occupancy rate for the week ending Feb. 24, the county outshines 25 other major hotel markets. Despite a slight dip in the average daily room rate to $311.20 in February, the revenue per room saw a notable 3.7 percent increase, reaching $274.44.
This robust performance coincides with the historically busy month of February, driven by events like the Miami International Boat Show and South Beach Wine & Food Festival. Investors express confidence in South Florida’s hotel sector, evident in several property transactions at the end of last year. Notable acquisitions include a $17.7 million purchase of a Days Inn by Wyndham near Miami International Airport and the $29 million acquisition of the 190-room Even Hotel Miami – Airport.
❓ Hoteliers have asked us “Who beyond the Revenue Manager can use Duetto?”
“Everyone,” explains Duetto Revenue Driver and Senior Director of Hospitality Solutions, Hannah Weller Barrise.
💡 Watch her short video now to learn more about the fully customizable reports Duetto can build and how to work with them in the most efficient way possible. Book a meeting today to discuss the best ways in which Duetto can be implemented to navigate your commercial strategies and boost your revenue.
👉 https://lnkd.in/eQYBTKaJ#HotelRevenue#HospitalitySolutions#HotelTech#CommercialStrategy
