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Is Your Hotel Management Company #ReboundReady?
By Mary Beth Cutshall, EVP & Chief Development Officer
It probably goes without saying, but the selection of a
hotel management company to operate your hotels is one of the most important
and critical decisions you can make as an owner. The operator of your hotels holds the keys to
both revenue and expense performance, and an excellent one can add millions
of dollars in asset value. (Don't
take my word for it.*)
It's easy to see that the well-managed expenses, economies of scale, and sales enablement promised by every management company on the planet have a direct impact on your ROI. What's harder is to think through whether your current hotel management company partner is still the right fit.
As we look forward to rebounding travel demand, the ability to quickly rebuild market share and manage expenses will be critical for every hotel owner's investment success. Now is the time to ask yourself if your hotel management company can get the job done, and now is the time to make a change if the answer is no (or even, maybe).
When we asked the hotel owners we serve how happy they were with HVMG's cash conservation measures taken in response to the COVID-19 pandemic, HVMG's owners' satisfaction rating was 98.6%. One owner commented that our approach was "One of the best in the industry." Our rebound playbook includes robust strategies for capturing travel demand as it increases, continuing to conserve cash while maintaining guest experience, and deploying flexible staffing models.
Because we have weathered economic downturns before, we have
deep well of proven tactics to draw from.
Because we endeavor to BE EXCELLENT, we won't rest on that experience
alone. Instead, we empower our leaders
to seek innovation, creativity, and ingenuity in everything we do.
We aren't waiting for a travel switch to be
flipped. We are enabling the hotels we
support to create nimble strategic solutions that both maximize the current
environment and position our hotels for anything that comes their way.
Wondering if you have the right hotel management company to lead through recovery and maximize profitability? Ask yourself these questions.
Accessibility: How quickly does your hotel management company respond to your needs and requests?
"I like that I can always pick up the phone and call Robert." - HVMG Owner Satisfaction Survey
Services: Does your hotel management company offer services that add value to your business?
"We are quite satisfied with the revenue management both from a technical and work ethic standpoint as well as willingness to take input/engage in debate." - HVMG Owner Satisfaction Survey
Cash Conservation: Does your hotel management company
make decisions with your best interests and investment goals in mind?
"One of the best [cash conservation efforts] in the industry." - HVMG Owner Satisfaction Survey
Responsiveness: Are you in the loop on important developments?
"[They are] Always direct. Don't hide from bad news." - HVMG Owner Satisfaction Survey
>Staffing: What input do you have on key staffing and other decisions?
"Smart and responsive team." - HVMG Owner Satisfaction Survey
Depth and Breadth of Experience: Can your management company draw on past experience in a wide variety of hotel types to inform the future?
"Strength is size... Large enough to have resources but small enough where my business matters." - HVMG Owner Satisfaction Survey
Engaged: Will your hotel management company bend over backward to ensure your success?
"HVMG's business development team is professional and responsive." - HVMG Owner Satisfaction SurveyOur owner feedback speaks for itself. HVMG is #ReboundReady.
Study: Selecting a Hotel Management Company.