Editorial Board   

Mr. Goldstein

Michael Goldstein

President & CEO, Packard Hospitality Group

Michael Goldstein, CHA has over 25 years experience managing income property including; hotels, resorts, restaurants, multi family residence, senior assisted-living and commercial properties. He has extensive experience in hotel development including; new construction and renovations, franchise negotiations, brokerage and has been the principal task force member for the repositioning or workout of distressed properties for institutional lenders and numerous receivership assets. Goldstein's diverse management background includes; Del Webb, Radisson, Sheraton, Candlewood, IHG, Choice and Cendant. Goldstein is responsible for the business development, real estate and consulting services of Packard Realty Inc. (PRI), and is involved with the daily management activities of all properties. This includes Packard Hospitality Group (PHG), a full-service hotel management division of PRI, whose services include financial management, operations, marketing and consulting. PHG's portfolio consists of 13 hotels and hotel developments located throughout the United States, with a large focus in California and New York. PHG's corporate philosophy has always been to support the efforts of the general manager and hotel staff through personalized-boutique style service. Goldstein sees a tremendous benefit in keeping existing team on board and keeping communications, a sense of accountability and ownership flowing throughout each property he acquires. This unique and personalized approach to hotel management has positioned Goldstein as an innovative and well-respected leader in the industry. Goldstein is a graduate of La Salle University with a Bachelor's degree in Hotel and Restaurant Management. He is a member of American Hotel and Lodging Association, California Hotel Association and a licensed real estate agent in the state of California.

Mr. Goldstein can be contacted at 858-277-4305 or michael@packard-1.com

Coming up in October 2019...

Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.