In today’s ever-changing, online arena, hotels are often faced with bombardment by companies selling something. Social Media Monitoring tools, Search Engine Optimization (SEO) assistance, Pay-Per-Click advertising, and the list goes on and on. A big question that I hear lately is, “Do I need an independent website for my hotel?” My answer to that is “yes.” And “no”…
Industry News
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Transparency is one of those things that is either there or it’s not. You won’t see the word stated in a corporate vision or mission statement but the extent to which financial targets and results are known and shared is most assuredly a deliberate decision made by the company’s senior leadership.
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December 5, 2011
LodgingMagazine.com
–Jay MolitorIt's no secret that profit essentially boils down to two things at a hotel: maximizing revenue and minimizing expenses. And while they may appear separate from each other at first glance, revenue and expenses are entwined to such an extent that they must be viewed and managed holistically.
In fact, the key to controlling your labor expenses - the largest single expense at any hotel - is accurately forecasting and managing your revenue stream. Here's why.
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November 15, 2011
LodgingMagazine.com
–Robert S. ColeWork in the hospitality industry as long as I have (since the '80s) and you will inevitably see core principles for success come to light. Whether it's learning from your own trials and errors or watching the fortunes of your colleagues and competitors rise and fall, I've found that the same basic fundamentals for success come into play time and again.
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November 1, 2011
LodgingMagazine.com
–Mary Beth CutshallTake a look at accomplished professionals you respect and admire and I guarantee they have a strong ability to connect with others. Successful business people understand that one of the fundamental aspects of their success is the ability to effectively build and maintain relationships. This is especially true in the ‘people business’ we call the hospitality industry, where an individual’s or even organization’s ability to establish meaningful connections with people often can spell the difference between success and failure.
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September 30, 2011
LodgingMagazine.com
–Karan NarangCapital Expenditures (Capex) have a significant impact on a hotel both during the project and after completion. With rooms out of order and other potential complications, it can be quite a challenging process. Apart from obvious considerations like seasonality, there are other factors that are even more important when timing a hotel’s Capex.
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September 15, 2011
LodgingMagazine.com
–Michelle DavisWhen surfing Internet consumer travel sites or trade resources, it’s easy to find Best Available Rate (BAR) essentially has replaced the RACK rate as the standard first quote by the hotel industry.
Rack rate is typically listed as the highest (often inflated) rate for a hotel room; something no consumer would want to pay. However using BAR, as the best available rate, creates a “friendlier” booking environment in which consumers have confidence that the rate they’re quoted will be the lowest.
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September 1, 2011
LodgingMagazine.com
–Mike StevensAt Hospitality Ventures Management Group (HVMG), we specialize in turning around underperforming properties and as you might suspect, that frequently involves a major renovation. I’ve been involved in revitalizing dozens of hotels in a wide array of destinations, brand and service sectors.
Through it all, I’ve identified five team principles or “Ps” that are critically important to successful property renovations that I’d like to share with you.
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August 15, 2011
LodgingMagazine.com
–Kathryn P. JonesBefore we can broach the subject of why Search Engine Optimization is important, let’s discuss what exactly it is. Search Engine Optimization, or SEO, is the process of improving the visibility of a website or a web page on search engines (such as Google and Bing) via un-paid search results. Each search engine has its own “magic formula” for determining your website’s placement, and the latest statistics show that Google utilizes hundreds of criteria when returning search results.
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July 18, 2011
LodgingMagazine.com
–Roger A. MillerWhen it comes to driving revenue at a hotel, an aggressive, results-oriented director of sales & marketing is essential. Unfortunately, too many firms focus almost exclusively on recruiting a high-profile DOS with lots of contacts and industry knowledge while neglecting to have the environment and infrastructure in place to actually ensure success.
As a VP or corporate director of sales & marketing for over 35 years (much of it with HVMG - Hospitality Ventures Management Group), I have found seven key strategies that need to be executed in order to ensure every new hire DOS in your portfolio is set up for success from the moment they walk in the door.
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