Editorial Board   Guest Author

Mr. Conran

Tom Conran

Principal, Greenwood Hospitality Group

Tom Conran serves as a Principal of Greenwood Hospitality Group, where he is responsible for strategic investments and third-party hotel management assignments. Mr. Conran has more than 30 years of hospitality experience in the management, finance, and real estate sectors. Prior to Greenwood, Mr. Conran served as Vice President of Business Development for Richfield Hospitality. He expanded the Richfield management platform to include hospitality investments and acquisitions. At Richfield and its predecessor companies, Mr. Conran held several key responsibilities, including sales and marketing, property management transitions, and client relations within the management portfolio. From 1997 to 2000, Mr. Conran also served as Vice President of Acquisitions for Regal Hotels International and successfully closed on $300 million of hotel acquisitions, including the Bostonian Hotel, the UN Plaza Hotel New York, the Knickerbocker Chicago, and the Los Angeles Biltmore Hotel. Thereafter, Mr. Conran served as Vice President of Acquisitions and Finance for Millennium Hotels, USA with active involvement in the group's investment strategies and renovation programs for their portfolio of 13 upscale full-service hotels. Mr. Conran earned a Bachelor's Degree from Keene State College in Keene, New Hampshire. Mr. Conran was a founding member of Meetings Planner International in Hartford, CT and he currently serves on the Owners' Advisory Board of Doubletree Hotels.

Mr. Conran can be contacted at 860-648-9040 or tconran@greenwoodhospitality.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.