Editorial Board   Guest Author

Mr. Richards

Kevin Richards

Chief Operating Officer, Legacy Ventures

Kevin Richards joined Legacy in 2011 to launch the firm's hotel management division. Mr. Richards oversees all managed hotel assets and is a central player in the company's hospitality development work.

Mr. Richards has over 30 years of experience in the hospitality industry, which began in earnest with hotel general manager roles early in his career with Winegardner & Hammons and Prime Hospitality.

Prior to joining Legacy, he served as vice president of Asset Management with Lodgian, Inc., an owner and operator of over 100 hotels in 34 states, where he contributed to capital planning and investment strategies, implementation of property improvement plans, brand conversions, and renovations for the Lodgian portfolio.

Founded in 1996, Legacy Ventures began as a real estate development company specializing in hotels, resorts and restaurants. Projects range in size from $10 million to $100 million and often involve complex financial structures or public-private collaborations.

Legacy Ventures has an in-house design and construction team that includes architects, interior designers, engineers, and general contractors. In 2012, Legacy Ventures formed its hospitality division to manage or asset manage hotels. Today it manages seven dynamic full-service properties representing 1,500+ guest rooms with annual revenues exceeding $85 million.

In addition, Legacy Venture's restaurant division created and operates six distinctive branded restaurants and leases an additional four. Legacy Ventures responds thoughtfully to the built environment as a cohesive team of planners, developers, hoteliers and restaurateurs. Legacy Ventures innovates with a multi-disciplined approach to create timeless places - delivering exceptional customer experiences through an engaged and passionate team, yielding measurably better results for partners and investors. Legacy Ventures' promise is: “Thoughtfully Enhancing The Built Environment.™

Mr. Richards is a graduate of West Virginia University with a Bachelor of Science degree from the School of Business and Economics.

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

Mr. Richards can be contacted at 404-801-3260 or krichards@lvmgt.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.