The 6 Fundamentals for a Highly Profitable Hotel
These 6 marketing and development “musts” are absolutely necessary for superior performance:
1. There must be an undersupply of hotel rooms in the local market.
2. The underlying value of the real estate must be high, along with its prospects for growth.
3. The right type of hotel must be developed, only after rigorous analysis of each local market.
4. Efficiency of operation must be considered at every level, including: construction and flow design and staff development that produces staff excellence at every employee level.
5. There must be significant barriers to others’ ability to build competitive hotels, such as scarce land and tight zoning.
6. Finally, but perhaps most importantly, are the “must do’s” that are necessary because of the disruption in the marketplace caused by customer comments, rankings and referrals on travel websites such as TripAdvisor, Expedia and Yelp; as well as social media websites. What has become a liability for most hotels can become an incredible opportunity for the well-developed and rightly-managed hotel. What this means is that peerless customer service and guest experiences are becoming an essential aspect of ANY successful hotel. At this transformational moment in the hotel industry, our development team is ideally suited to give you exactly what you need to create a high-performing, exquisite hotel.