When you own or manage a hotel, you have hundreds of things to think about every day, in terms of customer satisfaction, room utilization rates, design issues, maintenance, and many other headaches and concerns both actual and potential. It can be difficult to stay focused on the bottom line. With this in mind, hiring a hotel asset manager can be a great move.
Someone in this role for your company focuses exclusively on the performance of your assets, or anything you have that is a source of revenue to your hotel. This includes cost structures, hotel branding, any restaurants or caterers, or anything else that directly brings in money. Working with someone focused specifically on your revenue streams can allow you the freedom to take a more holistic approach to your hotel.
Usually, a big piece of this process is managing costs. Almost everything you do with your hotel costs money in some way, and a hotel asset manager can help you examine how all of this is structured. This can involve directly negotiating for reduced prices for goods and services for your hotel, or it can involve examining how to more efficiently spend for higher returns.
Work Toward Goals
Often, an important aspect of cost management is maintaining a bottom-line focus. This does not necessarily mean every line-item that can be reduced should be. Having someone manage your hotel assets can help you see where spending more in one place can lead to less in another, such as safety enhancements that lead to a lower legal spend.
Overall, your hotel asset manager should meet with you regularly to discuss your overall goals and how best to achieve them. If you make this person part of your management team, this helps everyone stay on the same page as far as the direction of your hotel and future plans.
By working with a hotel asset manager who works on increasing the value of your assets while keeping your direction in mind, you create opportunity to build to a prosperous future for your property.