Thriving in an On-Hold Market
A recent Jones Lang LaSalle Hotels survey shows a third of hotel investors intend to hold their assets in the short term until they can achieve the pricing and return hurdles they require. As such, concludes Jones Lang LaSalle, it's a perfect time for investors to expand or upgrade their lodging assets and improve performance, often through the help of asset managers.
Led by Bruce Stemerman, managing director of strategic advisory and asset management, the firm recently gave five tips on how asset managers can maximize hotel value:
Create a collaborative working environment
It's important that all stakeholders work together in an atmosphere of mutual respect. The asset manager's role is facilitator and intermediary to make sure goals and objectives are in line, communication remains open and frequent rewards are distributed fairly.
Develop a strategic plan
An effective game plan, including high-level and specific goals and completion dates, is a key to success.
Focus on key initiatives that drive value
All stakeholders should spend 80 percent of their time on the 20 percent of initiatives that will produce the greatest results.
Embrace new and emerging trends
Examples include e-marketing, sophisticated revenue management, branded restaurants, spa/fitness facilities and green initiatives.
Ensure your hotel is well-positioned for market changes
It's important to continually work on improving hotel operations and product quality.
Reprints and Licensing
© 2014 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Enter a City:
Select a State:
Select a Category: