|by Brenda Fields, August 4, 2008
Key markets, world wide have experience unprecedented occupancies, average rates, and RevPAR for over a decade. New York City and London in particular have experienced average occupancies well over 80% for the past several years, driving record average rates and RevPARs.
The immediate outlook remains promising but the future is less bright according to prominent analysts i.e. PricewaterhouseCooper and Smith Travel Research. One school of thought is “If it ain’t broke, why fix it?”. But we know that the hotel industry is driven by various economic factors that create many ups and down. The bad times don’t last forever and the good times don’t last forever, either. So what better time to address any weaknesses in the organization, flaws in the system, or product deficiencies, than when occupancies are strong and the outlook is favorable?
The return on investment on ensuring high standards in all areas is far greater than the cost of a major upgrade and marketing expenses to bring customers back after their bad experiences in your property.
This article will address the benefit of early prevention and will identify areas to evaluate in order to ensure that your property is well positioned for any downturn so that it will remain profitable and vibrant.
Physical Condition:Therefore, to ensure that you are well positioned when there is a down turn, it will be very important as of now, when business is strong, to implement these initiatives on an ongoing basis. This will allow an owner or manager to enjoy profits, satisfy guests, and attract and maintain top employees.
This article is reprinted with the permission of its author and HotelExecutive.com.
About Fields and Company:
In her more than 25 years as a marketing and sales pro in the hospitality industry, Brenda Fields has emerged as the "go to" consultant for independent and/or privately owned hotels and resorts seeking real-world solutions for today's market challenges.
From small boutique hotels to large convention properties, Brenda has created and implemented highly successful Strategic Plans that enable owners to achieve target results despite market conditions. With extensive expertise in pre-openings and repositionings Brenda was responsible for the successful opening and stabilization of the Paramount Hotel in New York, one of the first boutique hotels.
With a "who's who" roster of clients, Brenda has worked with a number of industry leaders and real estate investment companies including Starwood Lodging Corporation, Planet Hollywood, Choice Hotels International, and Olympus Real Estate Corporation, among others.
Brenda is currently President of the Hospitality Sales and Marketing Association International Greater New York Chapter of over 500 members and was recently awarded "The Top 25 Most Extraordinary Minds in Sales and Marketing by HSMAI. She also received “The Best of the Best" award from HSMAI for the Awards and Recognition committee work Brenda can be reached at: 518.789.0117/phone or email@example.com
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Millerton, NY 12546
Phone: 518 789 0117
Fax: 518 789 0118
|Also See:||Direct Sales: Getting the Biggest Bang for your Buck / Brenda Fields / April 2008|
|Putting the “Hospitality” Back in the Hospitality Industry / Brenda Fields / May 2007|
|Seven Habits of Highly Effective Hotel Sales People / Brenda Fields / March 2007|
|It’s 2007. Do You Know Where Your Hotel Sales People Are? / Brenda Fields / January 2007|
|Outsourcing: A Prime Example of “The Sum of the Parts is Greater than the Whole” / Brenda Fields / December 2006|
|What Women (Really) Want; Identifying the Unique Needs of the Woman Business Traveler / Brenda Fields / August 2006|
|Sales Incentive Plans: Hotel Owner's Friend or Foe? / Brenda Fields / May 2006|
|Creating Results: Strategy vs. Knee-Jerk Reactions / Brenda Fields / January 2006|
|Advertising: How to Create Award Winning Ads (Yes, Even on a Budget) / Brenda Fields / September 2005|
|A Primer’s Guide to Understanding and Maximizing Your Hotel Web Site / Brenda Fields and Michael Parkes / January 2005|
|David and Goliath: How Independent Hotels Can Successfully Compete with the Large Chains / Brenda Fields / October 2004|
|Catering Sales in Boutique Hotels: How to Maximize Revenues and Optimize Sales Productivity / Brenda Fields / July 2004|
|The New Market Segmentation and Pricing Model for Independent Hotels / Brenda Fields / May 2004|
|Boutique Hotels: Rethinking the Fundamentals in a New Business Environment / Brenda Fields / February 2004|
|Room Configuration - Are Your Rooms Configured for the Best and Highest Use? / Brenda Fields / January 2004|
|Direct Sales - What to Expect from Your Hotel Sales People and How to Get Results / Brenda Fields / August 2003|
|Boutique Hotels: How to Survive in a Down Market - Getting Back to Basics / Brenda Fields / May 2003|
|Industry Marketing Pro Brenda Fields Opens Consultancy Focusing on Independent Properties / January 2003|