Library Archives

 
Curtis Bashaw

Historic buildings are a window into the past. Unfortunately, few of them operate today as they were originally intended to, and, of those that do, only a handful have been successful at it. That 201-year-old hotel, by the way, is Congress Hall, which, with the exception of a politically-related closing early in its youth, has operated as a hotel and resort for nearly all of the last two centuries. Read on...

Susan Furbay

Though historically associated with residential and low-rise commercial buildings, modular construction has gone more upscale in recent years. What are the benefits, and what should hotel developers consider before going modular? The term "modular construction" once conjured images of small construction trailers or antiquated mobile home clusters just off the highway—not the most alluring draw for high-end developers and top-tier hotel companies, nor for their gentrified clientele. Today, however, the concept of modular construction has evolved, with developers across the U.S. adopting a modular approach to building 2- to 4-star select-service, full-service, and even boutique hotels. This article gives a brief overview of the evolution of modular construction, as well as the potential benefits and challenges in terms of cost, timelines, and financing when harnessing this method to build hotels. Read on...

Jan Kalanda

To insure a sale at a good price, hospitality property owners should approach the market carefully and methodically. In this article, the authors review eight areas and recommend actions owners can take to improve the value of their property prior to sale. Selling your hotel or other hospitality property is a big step. You've invested time and resources in the property, so of course you hope for a good price when you go to market. To make a sale of you hotel happen at a good price you need to be sure you've optimized the property's value before putting it on the market. Read on...

Sam Cicero

There are various project delivery systems commonly used in today's construction renovation projects, Design-Bid-Build, Construction Management and Design-Build. It's important that an owner examines the pros and cons of each in order to determine which system works best for certain considerations such as project goals, costs to perform, timeline and risk management. In the Design-Bid-Build method, the owner engages entities such as the architect/engineer, designer and construction company separately. Since there is little if any connection between the different entities, this process requires a savvy owner who will be responsible for controlling all aspects of the design and construction process. One of the downfalls of this process, however, occurs if there are design errors for which the owner becomes at risk to the contractor. Read on...

Scott Acton

In the hospitality and tourism industries, guests' happiness reigns supreme. With ever-changing consumer demands and evolving technologies, new developments and renovations alike often cause disruptions to the normal function of businesses, impairing the public's accessibility to the venue, or adjacent venues. Hence, construction timelines become a crucial issue with projects situated in high-density tourism areas. Improved time-efficiency minimizes the disturbances in local businesses' operation and profitability. Yet, shorter timelines might come at a price of higher expenses on labor, machinery and materials. Read on...

Jeff Green

In biology, symbiotic mutualism describes a dynamic where two species living in close proximity to one another engage in a mutually beneficial relationship. Iconic examples include the oxpecker-small birds that feed on ticks and other parasites found on large mammals-and the clownfish, which live in and around sea anemones, enjoying the protection afforded by their stinging tentacles while providing the anemone with nutrients, and predator and parasite defense. The commercial real estate market is filled with a number of similarly structured relationships: mutually beneficial connections that serve to raise interest, drive traffic, provide resources and conveniences for shoppers and guests, and ultimately create a positive feedback loop that has a meaningful and sustained impact on the bottom line-for all parties. Read on...

Sam Cicero

When selecting renovation contractors, many hotel owners' and property managers' decisions are based solely on the bottom line. In short, the lowest price bidder wins. Other hotel owners and managers, however, carefully consider the intricacies of their project's scope and can assess the confidence they have in their selected contractor that the renovation can be finished on-time and on-budget. What these hotel owners appreciate that others don't are the many value-added, non-financial advantages that a talented contractor brings to the project. For the purposes of this article I will refer to these advantages as 'performance measures'. Read on...

Bob Cerrone

The beginning of a hotel renovation marks the start of a ticking clock. When the clock runs out, renovation projects must be complete or the hotel faces consequences that range from losing reservations to unnecessary customer disruptions from a building still under construction during a major meeting or convention. These consequences are far greater than just inconveniencing guests; they mean poor reviews, lost revenue, and visitors who may never stay at the property again. Read on...

Kyle Rogg

Designing a hotel for operational efficiency can save owners money and increase a bottom line, while still offering guests aesthetically pleasing and comfortable rooms with competitive guests. In this article, Value Place's Chief Operating Officer and President Kyle Rogg will discuss how hotel owners can improve a hotel's efficiency through design changes in lighting, flooring, fixtures, geographic building designs, and energy management systems, as well as the monetary savings that can be achieved. Read on...

Julia Watson

For hoteliers, there are many variables to consider when trying to decide which is better - acquisition and renovation of an existing hotel or development of a new one? With so much to consider, it can be challenging to decipher which makes more financial sense. Objectively the end goal is to determine which will lead to profitability faster, but how is that determined? With the right plan of action to navigate the decision making process, the difficulty in reaching an educated decision can be greatly reduced. Regardless of your proposed project, there are a series of steps that can simplify the process when deciding to renovate or build. Read on...

Fred B. Roedel, III

The process of identifying, qualifying and acting on a new hotel location does not have to be a daunting or overwhelming task. In fact it can be a fun and exciting process as long as you establish your objectives and fully investigate the opportunities presented to you. Roedel Companies, through its construction management subsidiary, ROK Builders, is in the business of designing, building and renovating nationally branded hotels along the east coast of the United States, both for itself and independent investors. Over the past four years, ROK has completed over 40 major renovation projects along the east coast for independent investors. Learn about the five most crucial points to address when selecting a location for your hotel in this article. Read on...

Fred B. Roedel, III

Customers, brands and markets are constantly evolving and changing and how you evaluate and react to these dynamics within the parameters of your own investment discipline can position you for some tremendous upside as our industry's performance improves. Read on...

Sara Fedele

What will be changing the hospitality business? How can we create effective business strategies? We all agree that running a business today is more complicated and requires more resources (financial, human, technological, etc.) than in the past. Have we ever asked ourselves why and what exactly it is that has really changed? The feedback that we receive from senior managers of international hotel corporations during think tanks and interactive workshops is always the same: "Everything is changing!"But what are the elements representing this "change"? Read on...

Julia Watson

In a changed hospitality industry, post economic collapse, a new low-price standard has been set for construction services. How did construction pricing get to this point and what are the risks associated with hiring inexpensive labor to complete projects? We are a national general contractor specializing in hospitality construction services and are among a limited few who remain strong in the industry. Read on to learn about the conditions leading up to this point, where the industry is headed, and what to be mindful of for your next project. Read on...

Sara Fedele

Running a hospitality business today is much more complicated and requires more resources than in the past. When talking about this topic, the feedback from senior managers of international hotel chains is always the same: "Everything changed... The clients changed, as did their satisfaction threshold." Due to the Internet, social media and the low cost phenomenon, the customer of today is more informed, travels more, and as a consequence, he is much more demanding. He looks for excellence, for sophistication, for unique emotions and experiences, but... he doesn't lose sight of his wallet. Read on...

Show Per Page
123
Coming up in February 2018...

Social Media: Engagement is Key

There are currently 2.3 billion active users of social media networks and savvy hotel operators have incorporated social media into their marketing mix. There are a few Goliath channels on which one must have a presence (Facebook & Twitter) but there are also several newer upstart channels (Instagram, Snapchat &WeChat, for example) that merit consideration. With its 1.86 billion users, Facebook is a dominant platform where operators can drive brand awareness, facilitate bookings, offer incentives and collect sought-after reviews. Twitter's 284 million users generate 500 million tweets per day, and operators can use its platform for lead generation, building loyalty, and guest interaction. Instagram was originally a small photo-sharing site but it has blown up into a massive photo and video channel. The site can be used to post photos of the hotel property, as well as creating Instagram Stories - personal videos that disappear from the channel after 24 hours. In this regard, Instagram and Snapchat are now in direct competition. WeChat is a Chinese company whose aim is to be the App for Everything - instant messaging, social media, shopping and payment services - all in a single platform. In addition to these channels, blogging continues to be a popular method to establish leadership, enhance reputations, and engage with customers in a direct and personal way. The key to effective use of all social media is to find out where your customers are and then, to the fullest extent possible, engage with them on a personal level. This engagement is what creates a personal connection and sustains brand loyalty. The February Hotel Business Review will explore these issues and examine how some hotels are successfully integrating social media into their operations.