Hope isn’t a business strategy, but staying hopeful even — or especially — during a crisis is crucial. With that in mind, we asked participants at HSMAI’s Ownership Group Commercial Executive Roundtable, held in Dallas on Sept. 30 as part of Commercial Strategy Week, to share positive trends they’ve observed recently. Here’s what they had to say:
- Big-box hotels have captured leisure and providing a model for diversifying from groups
- Business isn’t just all about group
- Getting away from RevPAR being the most important thing.
- On-property teams have learned a lot about what happens on their properties.
- We reimagined some of our assets. The fact that they were closed allowed us to do it faster; we got creative and made it happen. Relaunches are coming off well and will get return for us.
- Technology is helping us do some of the repetitive work we had to do before.
- There’s progress on the digital side in terms of automation — we’ve gotten better, and cost per click has gone down.
- Analytics have improved, and we’ve continued to invest in it. We were looking hard for trends to give direction to hotels and management companies to make better decisions. We helped them adjust and be more aggressive based on data.
- We’ve improved our ability to look at trends not just for one property. We’ve invested in business intelligence teams to get a better view of how they are doing; we see the big picture and can make adjustments.
The roundtable was attended by professionals from Apple REIT, Hospitality Ashford Hospitality Trust, BRE Hotels and Resorts, Host Hotels and Resorts, HVS Asset Management, Noble Investment Group, Ohana Real Estate Group, Pebblebrook Hotel Trust, Roch Capital, and Summit Hotel Properties.