Editorial Board   Guest Author

Mr. Stormont

Jim Stormont

President, Stormont Hospitality Group, LLC

Jim Stormont co-founded Stormont Hospitality Group, LLC in 2001 after the sale of Stormont Trice Corporation, a full service hotel management firm in which Mr. Stormont was a principal and the Chief Financial Officer. In 2012 Mr. Stormont re-launched Stormont Hospitality Group as a hotel developer, financial advisor, and asset manager in addition to his ongoing partnership at Grove Street Partners, a real estate firm where Mr. Stormont lead the hotel development and finance practice until 2015 when he resigned from Grove Street to focus solely on Stormont Hospitality. Mr. Stormont's 30 year career in hotel development and finance began at Marriott International and has included positions as CFO of Stormont Trice Corporation., Executive Vice President of Noble Investment Group LLC, Partner at Grove Street Partners, LLC and President at Stormont Hospitality Group, LLC. Throughout his hotel career, Mr. Stormont has gained invaluable experience in all aspects of the development, operation and ownership of hotels, conference centers and resorts. He has played an instrumental lead role in the successful structuring, financing and development of hotels, conference centers and resort properties totaling more than $1 billion. A majority of these hospitality projects have involved structuring economically challenging and complex public/private partnerships requiring extensive legal and financial negotiations with multiple parties. Mr. Stormont has gained a national reputation for public/private hotel development expertise. An Atlanta, Georgia resident, Mr. Stormont and his wife of over 33 years, Beth, have three children, Sarah, Mac and Andy, ages 28, 25, and 23. Sarah attends graduate school in Austin TX, Mac is a consultant with Deloitte in Boston, MA, and Andy is a Financial Analyst in Atlanta, GA. Mr. Stormont is a graduate of Middlebury College (B.A. in Economics) and Cornell University's Johnson Graduate School of Management (M.B.A. in Finance) and is involved in numerous community activities. Mr. Stormont is a Member at the Rotary Club of Atlanta, a Member of the Livable Communities Council of the Urban Land Institute, the past President of his Homeowner's Association, and a former Board Member (Finance Committee Chairman) at Atlanta Country Club where he plays to a scratch handicap. He is a recent golf Club Champion and has qualified and played in both the US Senior Open and the US Senior Amateur golf tournaments.

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

Mr. Stormont can be contacted at 770-818-4198 or jstormont@stormonthospitality.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.