Editorial Board   

Mr. Van

Steve Van

President & CEO, Prism Hotels

Steve Van, President and CEO of Prism Hotels & Resorts, founded the Dallas-based company in 1983 and continues to lead the company on its mission to have The Most Satisfied Owners. A prominent speaker and sought-after expert in the hospitality industry, Mr. Van was recognized by Hotel Business Magazine as one of the trade's “People of 2012.” In the past few years Mr. Van has focused his teams' efforts on going from Good to Great with the primary focus on operational excellence. Prism's current successes include managing the largest Hyatt Regency franchise, the 580 room Hyatt Regency LAX, the 420 room Hilton El Conquistador Resort in Tucson, the historic 300 room Hilton Baton Rouge Capital Center, the 1,000,000 square feet and 600 room state-of-the-art Las Vegas Training Center for the United Brotherhood of Carpenters and the award-winning Embassy Suites Medical Center in Oklahoma City among many others. Mr. Van currently serves on a number of industry boards including the Hilton Doubletree Hotel Owner's Advisory Council and served on the Starwood Hotels Owner's Advisory Council for creation of Aloft Hotels. Mr. Van earned his bachelor's degree from The University of Texas, attended The University of Texas Law School and was admitted to the State Bar of Texas. He has served as the Assistant Attorney General of Texas and as a Director of the Texas Turnpike Authority. Since 2008 he has been a Founding Director of AHMSA, a nonprofit based in Bogota, Columbia to teach internal refugees entrepreneurial skills to lift their families out of poverty. AHMSA is now supported by the Bill and Melinda Gates Foundation along with the United Nations. Mr. Van was the youngest Director of NATO's US Arm, the Atlantic Treaty Assembly, and was presented with the Vincentian Ethics Scholar Award in 2006 in recognition of his valuable contributions in fostering business ethics research. Mr. Van is also the co-founder of the Texas Lyceum Association.

Mr. Van can be contacted at 214-257-1011 or steve.van@prismhotels.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.