Our recommendations for successful hotel asset management01st March 2018
Discover some of the methods we use to ensure strong results and durable return on investment for your hotel.
At Michels & Taylor, we take great pride in being recognised as one of the most successful hotel asset managers in the UK. Thanks to our team of specialists, we are able to utilise our combined knowledge, strategies and tools to best serve our clients.
Aiming for a durable return on investment, our team of specialists have compiled this blog so they can share some of their best practices with you. Follow this advice and your hotel will be perfectly positioned to achieve results.
Monitor, analyse and strategize efficiently
By meeting regularly with our portfolio of hotels, we are able to review and analyse their activity in-depth. These meetings never interrupt day-to-day business – we work behind the scenes so the hotel can continue as normal. Detailed and comprehensible reports of hotel activity can be created from these meetings; this allows all involved to have a clear understanding of the impact of our strategy and decisions.
Independent Business Reviews (IBR) are a bespoke way to understand what can be improved within your organisation and can help inform the best strategy that will help implement these findings. Taking the time to conduct reviews is hugely beneficial for business.
Know your market and competition
As you will know, the key to success in business is knowing your market, competition and where to position yourself based on the two. Running data benchmarks for a hotel allows the information retrieved to contribute to its position on the market. Using data is the very best way to recommend the best strategies.
Our team of experts set the industry benchmark when it comes to knowing your hotel market, competitors, key drivers and available rates. This is essential for establishing a powerful plan for the future of your hotel.
Build a knowledgeable team and use powerful tools
As the saying goes, you are only as good as your team. If you want to implement powerful strategies, then you need to have knowledgeable hospitality experts around you. Without them, you may be misinformed or make misguided decisions. It is vital that your hotel has strong core personnel to be able to succeed.
An expert team that keeps in regular contact is invaluable. Whether it is by phone, email or face-to-face, if you need help, Michels & Taylor has your best interests as our focus.
Expert personnel can make the most of the tools and technologies available; put the two together and your hotel will thrive. Our series of tools includes the likes of BMI (Baseline Market Index) and RPQM (Rate Positioning Quality Matrix). You want to always be one step ahead of your competition when tracking your different sources of revenue, so when it comes to Rooms, M&E, Leisure, Golf etc, the key is to maximise revenue for each opportunity.
Hotel asset management doesn’t need to be overwhelming; at Michels & Taylor we can ensure that your hotel has a solid strategy and all you need to achieve strong and long-lasting results.
“Understanding the hospitality industry and your hotel are the cornerstones of being able to provide you with a strong, long-lasting and powerful plan for the future. Thanks to our knowledge, experience and tools, we endeavour to create a durable return on investment for your hotel.”
Krupesh Patel, Head of Advisory