Editorial Board   

Mr. Van

Steve Van

President & CEO, Prism Hotels

Steve Van, President and CEO of Prism Hotels & Resorts, founded the Dallas-based company in 1983 and continues to lead the company on its mission to have The Most Satisfied Owners. A prominent speaker and sought-after expert in the hospitality industry, Mr. Van was recognized by Hotel Business Magazine as one of the trade's “People of 2012.” In the past few years Mr. Van has focused his teams' efforts on going from Good to Great with the primary focus on operational excellence. Prism's current successes include managing the largest Hyatt Regency franchise, the 580 room Hyatt Regency LAX, the 420 room Hilton El Conquistador Resort in Tucson, the historic 300 room Hilton Baton Rouge Capital Center, the 1,000,000 square feet and 600 room state-of-the-art Las Vegas Training Center for the United Brotherhood of Carpenters and the award-winning Embassy Suites Medical Center in Oklahoma City among many others. Mr. Van currently serves on a number of industry boards including the Hilton Doubletree Hotel Owner's Advisory Council and served on the Starwood Hotels Owner's Advisory Council for creation of Aloft Hotels. Mr. Van earned his bachelor's degree from The University of Texas, attended The University of Texas Law School and was admitted to the State Bar of Texas. He has served as the Assistant Attorney General of Texas and as a Director of the Texas Turnpike Authority. Since 2008 he has been a Founding Director of AHMSA, a nonprofit based in Bogota, Columbia to teach internal refugees entrepreneurial skills to lift their families out of poverty. AHMSA is now supported by the Bill and Melinda Gates Foundation along with the United Nations. Mr. Van was the youngest Director of NATO's US Arm, the Atlantic Treaty Assembly, and was presented with the Vincentian Ethics Scholar Award in 2006 in recognition of his valuable contributions in fostering business ethics research. Mr. Van is also the co-founder of the Texas Lyceum Association.

Mr. Van can be contacted at 214-257-1011 or steve.van@prismhotels.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.