Editorial Board   Guest Author

Mr. Doyle

Michael Doyle

Managing Director and Executive VP, CHMWarnick

Michael Doyle, CHA is a Managing Director and Executive Vice President of CHMWarnick, the leading hotel asset management and owner advisory services firm in the US. Doyle brings more than 30 years' experience in operating, developing and asset managing first-class hotels and resorts, and golf properties. He leads a team of senior asset managers in the oversight of a client portfolio of over 60 hotels, 27,000 guestrooms and $15 billion in client investments. In this capacity, he is responsible for introducing best practices reporting standards, conducting property operational reviews, identifying opportunities to create value through revenue enhancement and cost containment, and fostering positive working relationships with the property management teams to collaboratively work to implement initiatives in support of owner investment goals. Doyle plays an active role in interviewing and approving property executive committee members, and is involved in the ongoing oversight of property operations, including the annual review and approval of operating budgets, market and operating plans and capital expenditure programs. Recognized for his expertise and demonstrated track record in operations, including prior experience as a General Manager at some of the world's finest hotels, Doyle holds a designation as a Certified Hotel Administrator. He has a BS in Hotel Management from Cornell University's School of Hotel Administration. For more information about Doyle and CHMWarnick, follow us on LinkedInatwww.linkedin.com/company/chmwarnick and Twitter @CHMWarnick.

Please visit https://www.CHMWarnick.com for more information.

Mr. Doyle can be contacted at 978-522-7000 or mdoyle@chmwarnick.com

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.