Lifsey and Pinnacle Plan June 2019 Opening of Current, a New-Build Boutique Hotel as Part of Marriott’s Autograph Collection

USA, Tampa, Florida. May 13, 2019

Development company, Lifsey Real Estate & Holdings, and Pinnacle Hotel Management announced today the opening of their joint venture - the new-build Marriott Autograph Collection Hotel - Current. The contemporary boutique hotel, specifically designed to offer guests sweeping views of the Bay from every room, is projected to start taking reservations this summer.

Current is a ten-story, 4-star hotel with 180 luxuriously appointed guest rooms. Amenities include but are not limited to a water-facing 9th-story fitness center, infinity-style pool, a full-service restaurant, Tampa Bay's tallest rooftop bar, and a 2,300 square-foot ballroom. Guests also have access to a private beach with complimentary water sports equipment and firepits.

The restaurant, Julian, is housed in the first-floor lobby area and named after the Lifsey family patriarch, Julian Lifsey. It will offer lunch and dinner, featuring internationally-inspired small plates with a focus on incorporating the freshest local ingredients available. The hotel is also home to Rox, a rooftop lounge on the 10th floor, overlooking Tampa Bay's skyline, with a floor-to-ceiling glass atrium, and open-air terrace.

Chef Andrew Basch, former executive chef of the Marriott Suites Sand Key and Watercolor Grill House, leads all culinary activity throughout the hotel. With more than 20 years in the hospitality industry, Basch challenges mainstream food and beverage concepts, serving innovative, carefully crafted dishes and creating memorable dining experiences for guests and visitors.

"Current has been a very personal, longstanding project for myself and my family, and we are proud to finally see our vision come to life," said President of Lifsey Real Estate & Holdings, Stan Lifsey. "It's rooted in history but also embraces the present by staying current, and that's what makes it a stand-out in the Tampa Bay area."

True to its name and design, Current is home to a rotating art gallery showcasing local artists' work. All art is curated by the Lifsey family, and seven pieces by the late Theo Wujcik are currently on display and throughout the hotel, as well as a sculpture by Mark Aeling with MGA Sculpture Studio. The first exhibit will feature work by abstract expressionist Alberto Murillo, whose art is also featured in a number of selected collections including the Givenchy Family Collection, among others.

Current embraces the Tampa Bay community every chance it can, incorporating local elements into the hotel itself. Oxford Exchange, a dining and retail establishment near Downtown Tampa, has curated the hotel's retail space, and local coffee roaster Buddy Brew will manage Current's lobby coffee bar.

Offering guests panoramic views of Tampa Bay, Current is ideally situated on the edge of Tampa's business district, approximately five minutes from the Tampa International Airport and ten minutes from Downtown Tampa. Its positioning allows easy access to the area's many idyllic beach destinations and corporate headquarters in Clearwater and St. Petersburg.

"An urban oasis, Current is authentically unique, showcasing Tampa Bay's best assets." said Pinnacle's Vice President of Operations John Marks. "We are proud to be a part of a development that values and supports this community and its economy."

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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.