You're in a "service" industry which by its very definition implies that "service" should be your number one priority. Webster Dictionary defines "service" as work done or duty performed for another or others. In the hospitality industry, "service" typically takes on an added definition implying favorable treatment or a positive attitude while performing a duty for another or others. The hospitality industry has gone through great lengths to raise the customer's expectations of what "service" they can expect from hotels, airlines, spas and restaurants. READ MORE

There is a common misconception in the marketplace of exactly how you define a target market. At the very least companies define their target market using specific demographic criteria such as age, income, location and professional title. Then, there are companies who add in some psychographic information such as hobbies, interests, travel habits and buying behavior. This information is all important...but it is only 25% of the definition of who is the ideal fit for your property. If you were to throw a dart at a dartboard, the demographic and psychographics of your target market would represent the outermost ring of the board. This means that if you are targeting all of your marketing and sales efforts using only demographic and psychographic information as your ideal market criteria, you will have a tough time hitting a bulls eye with any consistency. This translates into wasted time, money and resources marketing to the wrong people - a sure sign your property is out of alignment and you haven't correctly profiled your ideal customer. Here are telltale signs that your property is out of alignment: READ MORE

If you are a private hotel operating company and have built your company on providing third-party management services, there will come a point in time when you will most certainly question your own strategy and its direction. Can we really build sustaining value if we don't own our hotels? Can we attract and retain quality talent if we don't have a substantial number of hotel assets under long-term control? Is there sufficient margin in the management business to sustain the company for the long term? These are just some of the questions that you will be faced with in exploring your alternatives. READ MORE

Private hospitality companies have many important challenges - from ensuring quality for customers, to developing a sustaining culture and brand, to building a great workforce, to building shareholder value, to aligning investor, customer and employee interests. Effective corporate governance can contribute real value in forwarding the purposes of the company. And this is not just important for public companies; it's an imperative for private companies as well. All companies need a formal governance structure. That's the easy part. Elect a Board, hire senior management, and develop a structured decision-making environment. Delegate, empower and hold people accountable. Develop a meaningful business model and strategic plan for your business. The real question is - with all of this formal structure in place, what governance model adds value to the enterprise and eliminates waste? The answer: governance based on Valuable Senior Purpose, Valuable Communication, a Culture of Transparency and Alignment. READ MORE

It's hard enough to not worry about our future as we sink into a deepening recession but from these trying times come glimmers of hope from very determined and creative people. Let's face it, when the going gets tough, the tough needs to pull itself up from the bootstraps and get going. And the best way to do that is to out smart your competitor and find creative ways to market your property. I've put together a list of some tools that can be used to help hoteliers make it through the next few years. READ MORE