Editorial Board   

Mr. Goldstein

Michael Goldstein

President & CEO, Packard Hospitality Group

Michael Goldstein, CHA has over 25 years experience managing income property including; hotels, resorts, restaurants, multi family residence, senior assisted-living and commercial properties. He has extensive experience in hotel development including; new construction and renovations, franchise negotiations, brokerage and has been the principal task force member for the repositioning or workout of distressed properties for institutional lenders and numerous receivership assets. Goldstein's diverse management background includes; Del Webb, Radisson, Sheraton, Candlewood, IHG, Choice and Cendant. Goldstein is responsible for the business development, real estate and consulting services of Packard Realty Inc. (PRI), and is involved with the daily management activities of all properties. This includes Packard Hospitality Group (PHG), a full-service hotel management division of PRI, whose services include financial management, operations, marketing and consulting. PHG's portfolio consists of 13 hotels and hotel developments located throughout the United States, with a large focus in California and New York. PHG's corporate philosophy has always been to support the efforts of the general manager and hotel staff through personalized-boutique style service. Goldstein sees a tremendous benefit in keeping existing team on board and keeping communications, a sense of accountability and ownership flowing throughout each property he acquires. This unique and personalized approach to hotel management has positioned Goldstein as an innovative and well-respected leader in the industry. Goldstein is a graduate of La Salle University with a Bachelor's degree in Hotel and Restaurant Management. He is a member of American Hotel and Lodging Association, California Hotel Association and a licensed real estate agent in the state of California.

Mr. Goldstein can be contacted at 858-277-4305 or michael@packard-1.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.