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  • Finance & Investment
  • How Well You Run Your Hotel Factors Into How Easily You Can Sell It

  • Whether you're planning to sell your hotel in the near future or many years down the road, one of the most important rules to remember is the better care you have taken of the business, the more easily you'll be able to sell it.

    This rule might seem like a no-brainer, but it's very common for hotel owners to focus so much on certain areas of the business that they neglect others, ultimately complicating the selling process when it comes time to leave the business.

    In some very basic ways, selling a hotel is like selling anything else that has had a previous owner. When someone is in the market for a previously-owned car, for example, they are much more likely to purchase one that has obviously been well-maintained and shows the most promise of suiting their future needs. Similarly, when someone is looking to purchase a hotel, they want to know that the business has been properly run by its previous owner and will allow them the greatest chance for success.

    Unfortunately, many business owners fail to keep this in the back of their minds when running their establishments, and then when it comes time to sell must suddenly face the ugly ...

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Coming up in September 2020...

Hotel Group Meetings: Demand vs. Supply

It is a great time for hotel group meetings. It is expected that once again this sector will grow by 5-10% in 2020, partly due to the increasing value of in-person group meetings. Because people now spend so much time in front of their screens, face-to-face interactions have become a more treasured commodity in our modern world. Plus, the use of social media reinforces the value of engagement, discussion, conversation, and networking - all areas where group meetings shine. Despite this rosy outlook, there is a concern that demand for meetings far exceeds the supply of suitable venues and hotels. There are very few "big box" properties with 500-plus rooms and extensive conference facilities being built, and this shortage of inventory could pose a serious challenge for meeting planners. In addition to location concerns, the role of the meeting planner has also evolved significantly. Planners are no longer just meeting coordinators - they are de facto travel agents. Cultural interactions, local dining, experiential travel, and team-building activities are all now a part of their meeting mix. Plus, they have to cater to evolving tastes. Millennials are insisting on healthier venues and activities, and to meet their demands, hotels are making yoga breaks, fresh-pressed juices, plant-based diets, state-of-the-art gyms, and locally-sourced menus available. Millennials are also insisting that meeting venues practice Corporate Social Responsibility, which means upholding sustainable and ethical values; investment in the local community; health and well-being of employees; and general business practices that reflect being good citizens of the planet. Finally, there is a growing trend to merge meetings with other local events, such as music festivals, sporting events, and cultural attractions. The December Hotel Business Review will report on issues relevant to group meetings and will document what some hotels are doing to support this part of their operations.