When I speak with my industry peers, asset managers and owners lately, they tell me that the number one thing keeping them up at night is the increasing cost of customer acquisition. To appreciate why that concern appears to be not just prevalent, but justified, we first need to take a step back and look at the bigger picture about what is currently taking place in the hotel industry. Understanding why rising acquisition costs are an issue-and appreciating some of the complexities involved in the strategic and perspective shifts that will likely be required to effectively address that issue¬-is essential for hotel professionals who want to continue to thrive in an evolving industry. READ MORE

In today's world of hospitality and hotel management, fostering the perfect work environment can be difficult. With a bevy of personalities and ever-changing expectations, managing a robust team is a crucial skill that team leaders must possess. In this article, Eliezer Quinones offers his insights on hotel management, building an enigmatic team, driving business through teamwork, and achieving goals. We will explore the best ways to communicate with your team, motivate your work staff, find value in their skillset, and more. READ MORE

Major hospitality markets like Miami are seeing a shift from hotel brands planting new flags in long-time popular beachfront destinations like South Beach to urban cores like Miami’s highly dense Brickell and downtown neighborhoods. Domestic and international brands entering and expanding in the region’s hotel market are gravitating to these thriving urban locations. Among the reasons why is the emergence of the live-work-play lifestyle that makes urban locations more attractive to both leisure and business travelers and the development of large scale, mixed-use projects that creates built-in demand and value-add synergies. READ MORE

Digital marketing execution is a major contributor to a successful hotel opening and requires engaging specific tactics and strategies as early as when the first shovel hits the dirt. Concord Hospitality's pre-opening digital strategy, themed "From Shovel to Shoot" by associates, emphasizes a digital marketing pre-opening checklist that begins when the first shovel is put in the ground and continues through opening day when the first official photo shoot occurs. This is a key driver in any hotel revenue generation game plan and will maximize future successes and early returns for all investors. READ MORE

Accurate demand forecasting is extremely important for a hotel as it drives strategic planning aimed at optimising sales, increasing operational efficiency, improving customer service and maximising profit. Predicting what the customer wants, anticipating the sales of products and services helps managers understand revenue opportunities and make informed decisions about pricing and business growth strategies. It involves attempting to gain an insight into the future while relying solely on past trends and present events. Forecasting is the scientific version of crystal gazing and while future events may deviate from past trends, the intelligent insights obtained from forecasting, provide a reliable platform to build upon. READ MORE