With the advent of mixed-use hotel projects - hotel condos, private residence clubs, fractional ownership models - the role of the general manager is evolving. Today, a license in real estate can be every bit as useful as one in hospitality. Yet most of us have been learning by doing.

In the luxury segment, in particular, the level of hotel amenities and service are of utmost importance in the decision to purchase five-star full or fractional ownership property. The hotel product and service are critical to the success of the private residence club. As a result, contemporary general managers play an integral part in both the hotel and real estate, and, in order to prosper in this new era, they must adopt a new skill set.

The five-star hotel general manager once was an innkeeper, greeting and entertaining guests, socializing at various events, and generally providing public relations for the property. Over the past two decades, a significant shift occurred internationally. The role became more focused on business. While serving the guest was still important, it became the general manager's responsibility to ensure that the finest service was delivered profitably. The general manager had to become more involved in marketing and finance, ...