Editorial Board   Guest Author

Mr. Edwards

Ken Edwards

Owner and CEO, HMBookstore and Tristar Hotel Group

Ken Edwards is the Owner and CEO of HMBookstore.com and Tristar Hotel Group, where he leads strategic vision and directly oversees core business functions to ensure positive corporate performance. With over 25 years in the hotel industry developing, acquiring and providing management to properties throughout the U.S., Mr. Edwards has turned his decades of experience into innovative business initiatives leading to products and services for the hospitality industry. He speaks nationally on topics of expertise, including revenue management, cash management, multi-property management, sales and marketing, and food and beverage. While owning and operating properties, and providing training to hotel employees, Mr. Edwards recognized an unfulfilled need for effective employee training solutions in all areas of hospitality and hotel operations, for enhancing employee retention, managing costs, increasing revenue, and better customer service. As a result, he founded HMBookstore, an online Learning Management System (LMS) platform used worldwide that provides over 150 online educational training courses for hotel owners and operators, individuals pursuing a career in the hospitality industry, as well hospitality industry professionals looking to enhance their skills. Mr. Edwards received his Bachelor of Science Degree in Hotel Management from the University of Nevada, Las Vegas; a nationally recognized hospitality university. His is also a graduate from the Culinary Institute of America, continuing education in the Food and Beverage field. Throughout his career, Mr. Edwards has owned 18 hotels and has been honored with Hotel of the Year by Radisson McDowell. He is a past Board of Director for IHG Hotel Owners, and has served on IHG Brand Committees as Direct Sales Committee-Chairman, Holiday Inn Committee and IHG Frequent Travel Committee-Priority Club.

Please visit http://www.hmbookstore.com/ for more information.

Mr. Edwards can be contacted at 602-453-9901 or keunlv@aol.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.