We have been asked by many of our hotel clients to give our views on the current state of business in the industry. We published this over six months ago and the thoughts still work today. For the record, here are our top 10 points on hotel management:
1. Hang in…every hotel is running scared right now.
2. You are at a quality place; there are few around that enjoy the combination of quality and comfort that you have.
3. Think and act strategically. Look at both the short-term needs as well as the long-term asset value.
4. Be realistic in your projections. No one is going to grow occupancy by 20 points.
5. Pricing is NOT determined by your revenue manager, it is determined by the market. So, if the market has dropped price you have to match or die.
6. REVPAR is down nation wide. If you think you can hold it, think again.
7. The consumer has no memory; that goes for lowering the price and eventually (hopefully) raising it as well.
8. Use promotions: stay two nights; get the third night free; etc.
9. Remember your local market. They are suffering to. You need friends.
10. Celebrate every victory, no matter how small. Your staff/team needs leadership. Now is the time to shine.