Editorial Board   Guest Author

Mr. Tall

Michael Tall

President & Chief Operating Officer, Charlestowne Hotels

Michael Tall joined Charlestowne Hotels in 2004 to provide guidance in marketing, e-commerce and revenue management initiatives. Since becoming co-owner of the company in 2008, he has made it a priority to recruit and hire the industry's top talent and to expand the company's client base. Under his leadership, Charlestowne Hotels' portfolio has doubled in size twice, with many hotels under the brand's umbrella receiving prestigious industry accolades including Travel + Leisure's Number 2 Hotel on the “Top 100 Hotels In the World” list and Number 1 and Number 15 on the Top 15 Hotels “Best City Hotels In the Continental United States” list, Conde Nast Traveler's “Gold List” and “Top 100 Hotels in the World,” TripAdvisor's Number 1 and Number 2 Luxury Hotel in the United States list, Smith Travel Research's “Best Performing Hotel in the US,” as well as other national media and travel industry honors. Previously, Mr. Tall worked for Rock Resorts (a subsidiary of Vail Resorts) as a corporate analyst as well as the director of revenue for the former Ritz Carlton Rancho Mirage. He has also worked with companies such as The Savoy Group, Kiawah Island Resorts, and Xerox. Mr. Tall has a Bachelor of Science degree in Marketing from the University of North Carolina at Wilmington and received his Master's Degree in Hotel Management from Cornell University School of Hotel Administration. Mr. Tall sits on the Board of Governors and serves as Travel Council Chair for the Charleston Visitor's Bureau. He has been a guest lecturer at several universities and a speaker and panelist at many hotel industry events including The Hunter Investment Conference, various BLLA conferences, The Lodging Conference, The STR Data Conference, and more.

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

Mr. Tall can be contacted at 843-972-1400 or info@charlestownehotels.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.